Property Division

Property Division – Community Property Attorney – San Jose, CA
 
Property division in divorce, particularly in California, is ruled by community property rules. Under these principles, both spouses effectively own equal asset shares in the marriage. Unless there was a pre-nuptial agreement, any property brought by the individual spouses into the marriage also becomes community property as well, except for the one acquired by inheritance or gift, which then requires the help of a California asset division lawyer.

Community property also includes debts incurred by each marriage partner. As a result, one spouse could have a crystal clean credit record while the other made a mess of personal finances. Regardless of who triggered all the debt, both spouses by marriage are responsible for it and the payment back, again requiring the help of a California asset division lawyer. A San Jose property division attorney or a Santa Clara community property lawyer can both help consumers needing legal advice in the South Bay community region.

California Community Property During Divorce

Frequently, the divorcing spouses are able to mediate their way to an acceptable property division. However, in some contentious cases the issue has to go to court for a judge to make the final decision. When the court decides, there are no guarantees who will get what. Ultimately, the court can either be swayed by arguments of one side or the other, or it could produce its own interpretation of how property and debt should be treated based on the known facts.

When a settlement or the court reaches a determination of property division, financial investments and ownership of items get separated again. The easiest method is to liquidate the property in a sale or to have one spouse buy out the other. This then provides the cash equivalent of the property so that it can be split easily between the two parties. During this process all known assets must be declared. It is illegal for a spouse to hide assets or property. Doing so can trigger a perjury charge in court (a felony) as well contempt of court, resulting in civil as well as criminal penalties. Further, the law allows the aggrieved party to receive the hidden assets in entirety. Again, a San Jose property division attorney or a Santa Clara community property lawyer can guide Bay area individuals (and throughout CA) through the divorce process without getting into worse trouble.